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Research Report on Maritime Security Market Poised to $20.87 Billion by 2019

Maritime Security Market categories the Global Market by Technologies and Systems as screening and scanning, access control, by Services, by Categories, and by Region.

Dallas, TX -- (SBWIRE) -- 01/16/2015 -- According to new market research report "Maritime Security Market by Technologies and Systems, by Services, by Categories, and by Region - Global Market Forecast & Analysis (2014 - 2019)", published by MarketsandMarkets, defines and segments the global maritime security market into various sub-segments with in-depth analysis and forecast of revenues. It also identifies drivers and restraints for this market with insights into trends, opportunities, and challenges.

The major forces driving this market are awareness of maritime security, maritime threats, regulations and standards, and international trade by sea. The significance of the maritime security has increased, due to globalization. Also, the increase in maritime threat in some regions of the world has been noted as one of the major factors affecting international trade.

Solution providers such as Kongsberg, Raytheon, Terma, Thales Group, Northrop Grumman Corporation, and many others are expected to provide integrated solutions and offer better competitive services. The companies in this industry must take advantage of the growing awareness of maritime security in markets such as Middle East and Africa (MEA) as well as Asia Pacific (APAC). The surveillance and tracking systems and solutions, smart container systems as well as scanning and screening systems have a high growth rate in the market.

The maritime security market is estimated to grow from $13.94 billion in 2014 to $20.87billion in 2019.This represents a Compound Annual Growth Rate (CAGR) of 8.4% from 2014 to 2019. The vessel security segment continues to be the largest contributor for maritime security. In terms of regions, NA is expected to be the biggest market in terms of revenue contribution in 2014, whereas APAC is expected to experience increased market traction, in due course.

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